Oil Prices Expected to Decline in 2014

The Energy Information Administration released its weekly reports on the status of various liquid fuels in the United States, covering the week that ended December 6.

The reports cover natural gas and petroleum, presenting data about the production, storage, and prices of the fuels. Changes in the data can reflect natural variations, seasonal trends, long-term market effects, and current events in regions of the globe where liquid fuels are produced, processed, and sold. The most recent release was highlighted by the continuing decline in fuel prices, with many thinking that production declines will have to be in order to offset falling prices in the coming months.

Working natural gas in storage — the volume readily available to the market — decreased by 81 billion cubic feet in the week ended December 6 to 3,533 Bcf, according to EIA estimates. This is down by 273 Bcf from the same period last year but at the upper end of the five-year historical range.